Russian Banks Reduced Mortgage Lending in April by almost 40%
At the same time, the bureau notes that, compared with other types of lending, the decrease in mortgage lending is not so significant. Real estate purchase transactions have a long processing cycle, which is why in April a large number of loans were issued, the work on which was started even before quarantine was introduced.
The average amount of loans issued also decreased from almost 2.5 million rubles in March to 2.26 million rubles in April, while the average term, on the contrary, increased from 198 months in March to 199 months in April. The full cost of the loan has not changed compared to the previous month in April and amounted to 10.1%.